MercoPress. South Atlantic News Agency

IMF top marks for Brazil.

Brazil has amply achieved in the last quarter, the targets agreed in the current accord with the International Monetary Fund, IMF, said the Brazilian Central Bank.

According to the official release, Brazil in the third Q of 2003 comfortably out did the agreed primary surplus in 3 billion Reales, equivalent to 1,1 billion US dollars.

Primary surplus in the first three quarters of 2003 reached just over 20 billion US dollars compared to the agreed IMF objective of 19 billion US dollars.

Only in September the primary surplus, (that excludes debt payments), reached 7,78 billion Reales, which some analysts describe as "exaggerated".

The primary surplus objective has become the essence of the program agreed between Brazil and the IMF.

The 30 billion US dollars stand by credit agreed last year actually expires next December but an IMF delegation is currently making a review and if every thing proves in line, Brazil will have access to the last leg of the disbursement equivalent to 8 billion US dollars.

However the nominal budget deficit, that includes foreign debt payments, reached 6,29% of GDP in the last twelve months to September, compared to 6,25% of GDP in the last twelve months to August.

Brazilian public foreign debt was equivalent to 57,7% of GDP last September, a slight improvement over August when it reached 58,3% of GDP.